does stoozing affect credit rating

sco77harris

considering you pay the minimum monthly payment and at the end of the 0% term pay off the money does stoozing affect your credit rating?

NickX

As long as you do make the Minimum Payments and they are always on time then there should be no problem with your Credit Rating.

In fact it should enhance your Credit Rating because you are demonstrating a responsible management of the account.

sco77harris

also i just saw on a stoozing site you can use cards like virgin to pay into bank accounts>? how does this work

is there a limit?

and could i use a card with another name on to pay into my accout...

i.e my dads card.

thanks once against for your help

NickX

sco77harris wrote: »

also i just saw on a stoozing site you can use cards like virgin to pay into bank accounts>? how does this work

is there a limit?

and could i use a card with another name on to pay into my accout...

i.e my dads card.

thanks once against for your help

Yes Virgin will allow you to transfer funds direct to your Bank Account. You just need to phone and request it.

The limit is usually 95% of your Credit Limit and a fee of around 3% is usually charged. This is added to the debt but they collect it as part of the first payment.

With regard your dad's card, it should be your dad who requests the transfer of funds to your Bank Account. You should both be aware that if you do this your dad is wholly liable for the debt and ensuring that repayments are made.

sco77harris

this is making a lot more sense... so say a bank account gives 6.5 % interest....and you put a certain amount from the card in....you will infact be getting only 3.5% interest.

therefore probably easiest just to spend on it and keep the money in a bank account.

thanks nick for this advice its been really helpful

Paul_Herring

NickX wrote: »

As long as you do make the Minimum Payments and they are always on time then there should be no problem with your Credit Rating.

In fact it should enhance your Credit Rating because you are demonstrating a responsible management of the account.

Erm - it most certainly does affect your credit rating, and not necessarily for the good. If you have most of your available credit used up, you may find it difficult to get more cards (depending on the absolute limit,) and depending on how much you actually have stoozed, it may affect mortgage applications (on top of any other aspects like the 'credit crunch' we are currently experiencing.)

http://www.stoozing.com/a_mortgage.htm

http://www.stoozing.com/risks.htm

NickX

Paul_Herring wrote: »

Erm - it most certainly does affect your credit rating, and not necessarily for the good.

Thank you for pointing this out. My own experience is that there have been no real detrimental effects on my Credit Rating, but I guess that may not be typical.

exel1966

sco77harris wrote: »

considering you pay the minimum monthly payment and at the end of the 0% term pay off the money does stoozing affect your credit rating?

Stoozing can and does temporarily damage your rating, but it would depend on how many cards/amount of credit in relation to other factors like salary/current debt etc. How many cards are you talking about ? If it's just one card, that's not really a problem, but multiple cards can be.

nzseries1

exel1966 wrote: »

Stoozing can and does temporarily damage your rating, but it would depend on how many cards/amount of credit in relation to other factors like salary/current debt etc. How many cards are you talking about ? If it's just one card, that's not really a problem, but multiple cards can be.

Stoozing for me means I have one card at 94% of its limit, another at 95%, and one other at 0%. I figure that lenders can't look too kindly on the 90+% figures, but I'm hoping that the fact I have one unused credit card will decrease my "overall debt percentage".

sco77harris

well i am coming from the point of view of a family with no credit card debts.

no loans.

and if any mortgage a very small one.

so it would just be the one card, and we have several other cards, including a platinum visa with a ridiculously high limit, but all have no money held.

but my dad dosent want his credit rating affected obviously.

NickX

sco77harris wrote: »

so it would just be the one card, and we have several other cards, including a platinum visa with a ridiculously high limit, but all have no money held.

but my dad dosent want his credit rating affected obviously.

Well my opinion is that so long as you make the Minimum Payments before the Due Dates then yours\your dad's Credit Rating won't be affected negatively. Others may disagree but this is my experience.